The beginning of the week witnessed a substantial financial gain for the country’s 45th President Donald Trump. This financial surge came as a result of Friday’s significant double-fold events. A successful consolidation took place between Digital World Acquisition Corp. and Trump Media & Technology Group, which Trump significantly owns. Furthermore, the conclusion of a legal battle involving New York Attorney General Letitia James bore a favourable outcome for him.
The triumph of this new social media platform, Truth Social, has been instrumental in this financial boom for the business tycoon. The consequential success from this venture resulted in a nearly $4 billion swell in Trump’s fortune. This came as the shares took an upward leap in the stock market, largely in part due to the platform’s growing popularity.
As the major stakeholder of Trump Media & Technology Group, Trump owns about 79 million shares, which is approximately equivalent to owning 58 percent of the company’s total share. Currently, the market value of DWAC’s shares stand at $49.95 each. With Trump’s substantial holdings, this translates to an increase of more than $3.9 billion in his net worth.
This massive accumulation of wealth legitimizes Trump’s position in the global billionaire club. The expansion of his fortunes has elevated his net worth to $6.5 billion, placing him among the top 500 wealthiest individuals globally. The names in this elite group, akin to Trump’s stature, include the likes of Joe Ricketts, Gordon Getty, and Tony James.
While the decision in the shareholder vote leads to a significant net worth appreciation for the billionaire, restrictions on his finances still exist. Due to a clause known as ‘lock up’, he will be unable to convert his stocks into cash immediately. The clause involves a six-month waiting period after the merger before he can liquidate his shares.
Truth Social goes public tomorrow, $DWAC is currently at $50 and will change to ticker $DJT tomorrow.
That’s over $4 billion valuation for Trump.
Anyone else buying a few shares? pic.twitter.com/7Uvj7ITk85
— TaraBull (@TaraBull808) March 25, 2024
Despite these restrictions, the significant surge in Trump’s fortune has generated high interest. His elevated status has placed him on the prestigious list of global billionaires. His peers include noteworthy entrepreneurs and tycoons, reinforcing his status in an influential financial sphere.
Alongside his financial gains, Monday also brought forth positive news on the legal front for Trump. The $454 million fine previously determined by Judge Arthur Engoron was significantly reduced by the appeals court. The new sum ordered to be paid stands at a much more feasible $175 million.
The panel of five judges that oversaw Trump’s appeal presented him with a new timeline to make the payment. They granted him an additional grace period of 10 days to make available the required sum. The terms of payment would mean that Trump could pay the $175 million bond either in cash or by securing a bond from a surety company.
Following the court proceedings, Trump addressed the media regarding the matter. He outlined his intent to utilize cash as collateral for acquiring the bond from a seasoned surety institution. This plan would enable him to meet the financial requirements set by the court of appeals.
Trump conveyed his views on the matter through a post on Truth Social. He criticized Judge Engoron, who had issued the larger fine earlier. His statement pointed towards the judge’s apparent reluctance to accept and adhere to the higher court’s ruling in regard to the Statute of Limitations.
Disputing the previous decisions, Trump called out on the circumstances that indicated a clash between the judge and the superior jurisdiction. His statements emphasized on the uneasy position it puts the state of New York and the principle of law and order.
While Trump called for adherence to the higher court’s clear ruling, he urged the removal of the pending gag order. He voiced his discontent towards the judicial management of the precedent, following the five times overturning of the trial’s decisions.
In his extended remark, he questioned the credibility of Judge Engoron and New York Attorney General Letitia James. As per his declaration, he agreed to comply with the decision of the Appellate Division. Trump confirmed that he would secure and present the bond either in equivalent securities or cash.
He utilized this opportunity to express his disagreement with the previous decision that had ordered a staggering $450 million. He rubbished any allegations of wrongdoing, and emphasized the influence the case has had on New York, causing business disruptions and a rise in crime rates. He expressed his desire for a comprehensive solution as soon as possible.
Trump concluded his statements on a note of gratitude, appreciating those who supported him throughout the ordeal. At the same time, he raised concerns about the state of affairs in New York, emphasizing the need for quick resolution and order to restore investor faith and the citizens’ security.
BREAKING: Trump Joins Top 500 Richest People After Truth Social Merger With DWAC appeared first on Real News Now.
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